8124 County Road 203 Unit E · Durango, CO 81301

$119,900

2 bd · 2.0 ba · 840 sqft · Manufactured public records · 65 Days on market

Built 2023 Good condition Est $106k · 13% over ↓ 4% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +3.2/5.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks

Clean, inviting, and move-in ready in a beautiful North Animas Valley setting—just 20 minutes from Purgatory Resort! This 2-bedroom, 2-bath home offers an open layout with great natural light that makes the space feel bright and welcoming from the moment you walk in. The kitchen flows seamlessly into the living area, creating an easy, functional layout for everyday living or hosting. A cozy fireplace adds warmth and charm, making it the perfect spot to unwind after a long day. Both bedrooms are comfortably sized, and the layout offers a nice sense of separation and privacy. The overall space is easy to maintain and offers a great opportunity for a primary residence or second home. Ste

Key facts

• Open layout
• Storage shed
• Cozy fireplace

Tags

• NORTH ANIMAS VALLEY SETTING
• OPEN LAYOUT
• COZY FIREPLACE
• YARD SPACE
• MATURE TREES
• STORAGE SHED

Property features AI

Finance

• Other: Private maintained concrete road; Has view

Exterior

• Utilities: Electricity available; Natural gas available; High speed internet available; Public water; Public sewer
• Home design: Single-story; Residential single-family
• Construction: Skirt foundation (not permanent)
• Exterior features: Sprinkler/irrigation; Seasonal creek on property

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Breakfast bar; Kitchen island; Eat-in kitchen; Kitchen/dining combo
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Heating present
• Interior features: Unfurnished; Breakfast bar; Eat-in kitchen; Kitchen island; Kitchen/dining combo
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 1.1% in Durango — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#106 in CO) — a middle-class / working-renter tenant base. Strengths: amenities A-, schools B+, employment B+; Watch: commute F, cost of living F.
• Durango School District No. 9-R (town): math 27% / reading 49% proficiency, ranked #30 of 86 in CO (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 580 active listings in the ZIP; solid renter incomes; 306 units permitted in La Plata County in 2024 (93 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• La Plata County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.53% ✓
• Cap rate: 13.76%
• Cash-on-cash: 26.66%
• DSCR: 2.19
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $105,840
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32222 Highway 550 #7	0.31mi	2/1.0	910 (+8%)	2mo	$114,300	$126	66
32222 Highway 550 #41	0.31mi	2/1.0	910 (+8%)	3mo	$99,900	$110	65
32222 Highway 550 #14	0.31mi	2/2.0	899 (+7%)	11mo	$134,900	$150	65
31722 N Highway 550 #55	0.72mi	2/1.0	840 (0%)	14mo	$115,000	$137	51
13 Raspberry Cir	0.59mi	3/2.0 (+1)	924 (+10%)	12mo	$102,800	$111	41
31722 Highway 550 #39	0.72mi	2/2.0	924 (+10%)	20mo	$85,000	$92	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.94% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 1.83×
• Total profit: $27,912
• Equity at exit: $17,877

10-year hold

• IRR: 28.6%
• Equity multiple: 3.53×
• Total profit: $84,811
• Equity at exit: $10,367

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 38 Tenant-Leaning
• State Colorado: 38 Tenant-Leaning · D+4
• County: — inherits STATE
• City: — inherits STATE

2023 reforms: 10-day cure, mandated notice, source-of-income protected. Courts backlogged in Denver.

Methodology + full state rankings →

ZIP-level market 81301

• Rents YoY: 2.9%
• Active inventory: 580
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,830 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$21 /mo · $256/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $746

Break-even live

Break-even rent $886

Max offer price $119,900

Occupancy floor 54%

Sensitivity live

Price	-10% $814	-5% $780	+0% $746	+5% $712	+10% $534
Rent	-10% $601	-5% $674	+0% $746	+5% $818	+10% $890
Rate	-1.0pp $806	-0.5pp $776	base $746	+0.5pp $715	+1.0pp $683

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $119,900 Active 65 DOM
2. 2026-06-18
   days on market $119,900 Active 64 DOM
3. 2026-06-17
   days on market $119,900 Active 63 DOM
4. 2026-06-16
   days on market $119,900 Active 62 DOM
5. 2026-06-15
   days on market $119,900 Active 61 DOM
6. 2026-06-14
   days on market $119,900 Active 59 DOM
7. 2026-06-12
   days on market $119,900 Active 58 DOM
8. 2026-06-09
   days on market $119,900 Active 55 DOM
9. 2026-06-08
   days on market $119,900 Active 54 DOM
10. 2026-06-07
    days on market $119,900 Active 53 DOM
11. 2026-06-05
    days on market $119,900 Active 50 DOM
12. 2026-06-03
    days on market $119,900 Active 49 DOM
13. 2026-06-02
    days on market $119,900 Active 48 DOM
14. 2026-06-01
    days on market $119,900 Active 47 DOM
15. 2026-05-31
    days on market $119,900 Active 46 DOM
16. 2026-05-30
    days on market $119,900 Active 45 DOM
17. 2026-05-22
    price $119,900
18. 2026-04-26
    status Active
19. 2026-04-03
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CO · Resets to sale price

• Current annual tax: $256 · $21/mo
• Projected year-2 tax: $659 · $55/mo
• Expected delta: +$403/yr (+$34/mo · 157.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 2/10 Low 10 d/yr ≥85°F today · 27 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,964
• − Mortgage interest: −$6,716
• − Property taxes: −$256
• − Insurance: −$600
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − Depreciation: −$3,488
• Taxable income: $7,389
• Est. tax owed @ 24.0%: −$1,773
• After-tax cash flow: $7,177/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home in a beautiful North Animas Valley setting offers a good condition with minimal repairs needed. It's an excellent opportunity for a primary residence or second home.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value
• Both Landscaping and curb appeal — Improves curb appeal and value
• Both Add a small garden or flower bed — Enhances curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value ↑
• Both Landscaping and curb appeal — Improves curb appeal and value ↑
• Both Add a small garden or flower bed — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Durango School District No. 9-R
• NCES district ID: 0803480
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $58,711
• Composite: 33.58/100
• National rank: #5420
• State rank: #30 of 86 in CO

Livability — Durango

• Score: 68/100
• State rank: #106
• US rank: #9262

Category grades

Amenities A- Commute F Cost of living F Crime B Employment B+ Housing C+ Health & safety B- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: La Plata County · 40,010 people
• City population: 29,774
• Metro: Durango, CO
• Population (ZIP): 29,774
• Household income: $83,943
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1194.0

Population outlook (La Plata County) Hauer SSP2

• Today (2025): 62,781 people
• By 2030: 66,492 · +5.9%
• By 2040: 72,944 · +16.2%
• By 2050: 78,543 · +25.1%
• By 2075: 89,403 · +42.4%
• By 2100: 94,984 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 8% Two or more races 7% Native American 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 4% Italian 3% Portuguese 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · La Plata

• 2024 margin: D (+18.6) · D 58.0% · R 39.3% · Other 2.8%
• 2008→2024 swing: +2.4pp toward D · 2008: 16.3pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+17.7 2016: D+9.2 2012: D+8.8 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -651.69%
• Current HPI: 223.832
• Rent YoY: ▲ 2.94%
• Metro: Durango, CO
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

Industry mix (Fortune 500 HQ in CO)

Industry	F500 HQs	Revenue
▸Technology Distribution	1	$31B
▸Food / Agriculture	1	$18B
▸Packaging	1	$14B
▸Healthcare	1	$13B
▸Energy	1	$10B
▸Technology	1	$4B

Price history

-4.1% since first listed

3 events — show timeline

• 2026-05-22 Price Changed $119,900 cren
• 2026-04-26 Relisted — cren
• 2026-04-03 Listed $125,000 cren

Property tax history

+408.5%/yr

Latest (2025): $256 · +408.5% YoY. Source: county tax records.